FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each.
Purchases on December 7 | 20 units @ $10.00 cost |
Purchases on December 14 | 36 units @ $15.00 cost |
Purchases on December 21 | 30 units @ $18.00 cost |
Required:
Monson sells 30 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
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